You’re probably a bit LATE - Posted by Frank Chin
Posted by Frank Chin on July 19, 2003 at 08:35:55:
Many folks posts questions here during the exchange - not before. At this point, you don’t have many choices, and as JT points out, “you’re a motivated buyer”.
The best way is to plan the whole scenario out before hand. This usually means locking up the buy side before you sell.
My wife was a sales agent once. She tells me “buying right is hard”, “selling right is easy”. She explains that selling is more a functions of the price YOU determine. “BUYING RIGHT” is a function of the price the seller deteremines, meaning you’ll have to look at many BAD deals to find the GOOD one. Right now, you don’t have the luxury of passing up bad deals.
In your case, because you want to do a “one to six” exchange, it would make sense to do L/O’s to lock up good replacement properties, beforehand, negotiating longer option excercise periods.
Under my wife’s theory, if you can lock up replacements at 70% FMV, then it’ll give you flexibility to unload yours at 80%, 90% FMV, quickly, and still be ahead.
In fact, you can do exchanges in other ways, besides doing a non-simultaneous excahnge thru an intermediary", which is more well known and talked about method.